Browns Hotels and Resorts of Sri Lanka to develop Nasandhura Palace Hotel

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Browns Hotels and Resorts Ltd. of Sri Lanka, a fully owned subsidiary of Browns Investments PLC today announced that it had signed an agreement to develop a four-star hotel in the Maldives.

Browns Hotels and Resorts said it signed an agreement on Tuesday, October 21 with Alpha Kinam Holdings (Pvt.) Ltd. and NPH Investment Pvt. Ltd. to develop the property in Male’, Maldives.

The company plans to re-develop the Nasandhura Palace Hotel to a four-star hotel with approximately 150 rooms and 100 apartments.

It will invest US$ 9.5 million initially subject to statutory approvals and obtaining controlling interest.

Browns Investments said it has expanded its footprints in leisure sector by making a number of significant acquisitions and expects this investment, being the first overseas investment, to propel the company to even greater heights in leisure sector.